There is not much load on the aux shaft, so you don't need to cut it accuratly or ballance it. More people have access to hacksawas and cutoff wheels than metal lathes.
These are not my photos, I saved them from somewhere, I now can't remember where, but they show the before and after modifications to the shaft.
http://www.flickr.com/photos/bigtimes_fiat/4423015459/
http://www.flickr.com/photos/bigtimes_fiat/4423015457/
http://www.flickr.com/photos/bigtimes_fiat/4423015455/
There are two bearing journals, one at each end. There is a hole drilled through the center of the shaft that connects the two bearing journals. Oil is pressure fed directly to one of the bearings and lubes that bearing/shaft interface. Some of the oil goes into the shaft and travels along to the other journal bearing and lubes it.
If you just cut off the lobe and do not plug the hole, only one of the bearings will get oil and the other will sieze up.
Most people will drill and tap the hole, I've heard of a few guys re-using the original plug. Your oil pressure may get as high as 90psi at high revs so making sure the plug is secure is very important.
The lobe size is related to the mechanical fuel pump actuating arm. Early cars were smaller displacement and required less gas. I'd have those shafts measured up accuratly. They look similar, but may not be as universal as you think.